Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to the County of Cape May, New Jersey, for construction of a new, multi-tenant building at the Cape May County Airport’s Hangars Technology Park.
This project will provide a 16,000-square-foot facility to attract new enterprises to a community that is currently reliant on seasonal tourism. The grant will promote job creation and business expansion within the aviation technology sector to bolster the year-round economy. The grant, to be matched with $2 million in local funds, is expected to create 25 jobs, and generate $750,000 in private investment.
“President Biden is committed to helping communities develop new and emerging industries to improve regional economies across the country,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will further Cape May’s efforts to transition from a seasonal-based economy toward one that is sustainable year-round.”
“The Economic Development Administration is pleased to support the County of Cape May, New Jersey, as they seek to diversify the region’s economy,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The new facility will provide the space needed to grow Cape May County’s aviation technology cluster building a more resilient economy.”
“As we seek to emerge from the pandemic a more fair and equitable state, it is imperative that we diversify our economy to ensure the ability to withstand adversity,” said Governor Phil Murphy. “I want to thank Secretary Raimondo and her department’s Economic Development Administration for this investment, which will support Cape May County’s efforts to move its economy toward a more sustainable future.”
“This grant will help Cape May County build a strong, sustainable, and diverse economy that provides good-paying, year-round jobs. This federal funding will give the county, region, and its residents the economic boost they need to recover from the downturn caused by the pandemic,” said Senator Bob Menendez. “I appreciate President Biden’s commitment to investing in New Jersey and I will continue working to ensure our state has the recourses to create jobs, expand business, and build a stronger economy that works for everyone.”
“Cape May County’s efforts to attract new businesses and generate greater employment opportunities in the region have been evidenced by the growth in recent years at the Cape May County Airport,” said Senator Cory Booker. “I am glad to see the Biden administration support this work by investing $3 million in federal USEDA funding that will create good-paying, full-time jobs and a stronger, more diversified economy.”
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.